Second charge market set to surpass £1.75bn in lending in 2022

Second charge lending is set to surpass £1.75bn in 2022, a post-financial crisis record, according to the latest data from Loans Warehouse.

In August lending totalled £166.5m, figures reported directly to Loans Warehouse from second charge lenders reveal.

This marks the fourth month in 2022 when a post-financial crisis record has been set and a 3.2% increase on July 2022 and an annual increase of 74.08%.

The most noticeable change in August’s figures compared to recent months is the drop in lending above 85% loan-to-value (LTV), down 3.33% on July 2022.

Completion times have seen a slight decrease as lenders have successfully recruited in recent months to manage the increased demand.

Matt Tristram, co-founder & director of Loans Warehouse, said: “As the Secured Loan Index enjoys a lot of coverage, we wanted to use this platform to mention our late Queen Elizabeth II.

“All at Loans Warehouse share the view that we have been honoured to live under her incredible reign and she will be deeply missed.”

ADVERTISEMENT